News Releases

November 17, 2016

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Toronto, ON / November 17, 2016 / Victoria Gold Corp. (TSX.V-VIT) "Victoria" or the "Company" is pleased to announce that it has engaged Auramet International, LLC ("Auramet") as Financial Advisor in conjunction with project financing for the Eagle Gold Mine.

John McConnell, President & CEO, commented, "The Auramet team brings a depth of experience and success in mine finance. We look forward to working with them to fund the construction of the Eagle Gold Mine."

The Company has also completed a flow-through financing (the "Financing") through the sale of 5,390,856 flow-through common shares (the "Flow-Through Common Shares") at a price of $0.875 per Flow-Through Common Share to raise gross proceeds of approximately $4,717,000.

The Company intends to use the proceeds of the Financing to fund the 2017 exploration program at its Dublin Gulch property, Yukon, Canada.

John McConnell, President & CEO, noted, "This flow-through financing will be focused on exploring targets previously identified along the Potato Hills Trend, which hosts the Eagle, Olive and Shamrock deposits. While Olive and Shamrock continue to grow, we will also have the opportunity to test new, high priority targets."

The gross proceeds from the sale of the Flow-Through Common Shares will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)), and the Company will use its best efforts to ensure that such Canadian Exploration Expenses qualify as a "flow-through mining expenditure", for purposes of the Income Tax Act (Canada), related to the exploration of the Company's exploration projects. The Company will renounce such Canadian Exploration Expenses with an effective date no later than December 31, 2016.

In connection with the Financing, the Company has paid a 6% cash finder's fee on certain orders to Secutor Capital Management Corp. in consideration for their efforts in introducing subscribers to the Company.

All securities issued will be subject to a four month hold period, expiring March 18, 2017 and this transaction remains subject to receipt of the final approval of the TSX Venture Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Qualified PersonThe technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the Qualified Person.

About AurametAuramet is global physical precious metals merchant that provides a full range of services to participants in the precious metals sector, including advisory services, buying precious metals from mining and recycling companies, providing revenue enhancement strategies, price protection programs, and prepayment and other financings.

About Olive and ShamrockThe Olive and Shamrock targets are defined by a broad gold/arsenic in-soils geochemical anomaly and lie on the intrusive-sediment contact of the Potato Hills Trend (as does the Eagle Deposit) and are punctuated by several historically exploited high-grade sulphide veins. The area was mined on a small scale from shallow shafts and adits in the early 1900's and via placer mining in creeks draining the area. The Olive and Shamrock vein system is located near the top of Olive Gulch and consists of gold-bearing quartz-scorodite-arsenopyrite vein material centralized in a shear zone structure. More detail and a current summary of the Olive and Shamrock Zone exploration can be found on the Company website.

About the Dublin Gulch PropertyVictoria Gold's 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy's electrical grid. The Company has constructed and maintains a 100 person all-season camp at the project site.

The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle Gold Deposit. The Company expects the Eagle Gold Mine to be Yukon's next operating gold mine and, between the Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated to host 191 million tonnes averaging 0.65 grams of gold per tonne, containing 4.0 million ounces of gold in the "Measured and Indicated" category, inclusive of Proven and Probable Reserves, and a further 24 million tonnes averaging 0.61 grams of gold per tonne, containing 0.5 million ounces of gold in the "Inferred" category.

Cautionary Language and Forward-Looking StatementsNeither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This press release includes certain statements that may be deemed "forward-looking statements". All statements in this press release, other than statements of historical facts, that address intended use of the gross proceeds of the Financing, future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.

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